Standard Bank Sets Sights on North Africa with New Egypt Office
According to Bloomberg, Standard Bank Group Ltd., Africa's largest lender, is expanding its reach into North Africa with a new representative office planned for Egypt by the year-end of 2024. This move capitalizes on the growing trade between Africa and the Middle East.
"We have been looking at expanding our reach toward North Africa," said Rassem Zok, who leads Standard Bank's operations in the Middle East and North Africa. The new office will position Standard Bank "to capitalize on the significant emergence of the Gulf-sub Sahara Africa-Egypt corridors, and further support our clients in those corridors," Zok added.
This expansion follows a trend of Standard Bank's international business surpassing its South African operations in profitability. In 2023, profits from the rest of Africa soared 49%, compared to a modest 3% increase in the South African market.
The bank's decision aligns with the growing economic ties between the Middle East and Africa. Gulf Cooperation Council countries are increasingly investing in Africa, particularly in food security and renewable energy, to diversify their economies. Standard Bank's existing presence in the Dubai International Finance Centre complements this new venture into Egypt.
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Date of record
11 April 2024
